Replies to post #3658 on Cleveland Cliffs Inc (CLF)

[sts66]

Got the PR email this morning - they got somebody to buy the APIO operation lock, stock, and (2 smoking) barrels (great movie!) - have to admit I'm a bit shocked - somebody apparently thinks they can make money running that mine? Got quite a bit more money than they would have selling things piecemeal - may not have to much left to cover closing costs now.

[DewDiligence]

CLF completes APIO sale on better terms than previously announced:

https://finance.yahoo.com/news/cleveland-cliffs-completes-sale-asia-131300373.html

With the transaction, Cliffs’ previously disclosed costs of closing the Australian operations were reduced by approximately $85 million [i.e. $10-20M better than the $65-75M reduction cited in CLF’s Jun 2018 PR (#msg-141471402)].

CLF will record a one-time GAAP-EPS gain of $0.75 in 3Q18 related to the APIO closure.